The following information applies to the questions displayed below.]

Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

a.	Sold merchandise for cash (cost of merchandise $48,797).	$91,200
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $660).	1,100
c.	Sold merchandise (costing $9,500) to a customer, on account with terms 2/10, n/30.	20,000
d.	Collected half of the balance owed by the customer in (c) within the discount period.	9,800
e.	Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid	320

7.

value: 2.00 points

Required information

Required:
1.	Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.

8.

value: 1.00 points

Required information

2.	Compute the gross profit percentage. (Round your answer to 1 decimal place.)

9.

value: 3.00 points

Required information

3.	Prepare journal entries to record transactions (a)(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)